Methode Electronics (NYSE:MEI) Trading Up 7.4% on Analyst Upgrade

Methode Electronics Inc. (NYSE:MEI)’s share price was up 7.4% during mid-day trading on Friday after Robert W. Baird raised their price target on the stock from $39.00 to $43.00. Robert W. Baird currently has an outperform rating on the stock. Methode Electronics traded as high as $38.26 and last traded at $40.90, approximately 15,784 shares were traded during trading. A decline of 93% from the average daily volume of 228,955 shares. The stock had previously closed at $38.07.

MEI has been the subject of several other research reports. Zacks Investment Research raised shares of Methode Electronics from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. ValuEngine upgraded shares of Methode Electronics from a “strong sell” rating to a “sell” rating in a report on Tuesday, December 3rd. TheStreet upgraded shares of Methode Electronics from a “c+” rating to a “b” rating in a report on Wednesday, September 11th. Finally, B. Riley set a $42.00 price target on Methode Electronics and gave the company a “buy” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $40.00.

Hedge funds have recently made changes to their positions in the company. Virginia Retirement Systems ET AL increased its stake in shares of Methode Electronics by 1.2% in the third quarter. Virginia Retirement Systems ET AL now owns 33,500 shares of the electronics maker’s stock valued at $1,127,000 after buying an additional 400 shares during the period. Flinton Capital Management LLC grew its holdings in Methode Electronics by 13.9% during the 2nd quarter. Flinton Capital Management LLC now owns 3,680 shares of the electronics maker’s stock worth $105,000 after acquiring an additional 448 shares during the last quarter. Meadow Creek Investment Management LLC increased its position in Methode Electronics by 13.9% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 5,060 shares of the electronics maker’s stock valued at $145,000 after acquiring an additional 616 shares during the period. California State Teachers Retirement System increased its position in Methode Electronics by 1.2% in the 3rd quarter. California State Teachers Retirement System now owns 56,952 shares of the electronics maker’s stock valued at $1,916,000 after acquiring an additional 680 shares during the period. Finally, Riverhead Capital Management LLC increased its position in Methode Electronics by 13.7% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,817 shares of the electronics maker’s stock valued at $166,000 after acquiring an additional 700 shares during the period. 93.11% of the stock is currently owned by hedge funds and other institutional investors.

The stock has a market cap of $1.52 billion, a P/E ratio of 13.84 and a beta of 1.50. The company’s 50 day moving average price is $35.85 and its 200-day moving average price is $31.03. The company has a quick ratio of 1.88, a current ratio of 2.55 and a debt-to-equity ratio of 0.40.

Methode Electronics (NYSE:MEI) last issued its quarterly earnings data on Thursday, December 5th. The electronics maker reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.13). The business had revenue of $257.20 million during the quarter, compared to the consensus estimate of $281.89 million. Methode Electronics had a return on equity of 16.39% and a net margin of 9.19%. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.75 EPS. Equities research analysts anticipate that Methode Electronics Inc. will post 3.22 earnings per share for the current year.

Methode Electronics Company Profile (NYSE:MEI)

Methode Electronics, Inc designs, manufactures, and markets component and subsystem devices worldwide. The company operates through four segments: Automotive, Interface, Power Products, and Other. The Automotive segment offers electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.

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